Glanbia announces 17% sales growth
Glanbia has announced interim results showing sales growth of 17% in the three months to April, compared to the same time last year despite ‘significant headwinds’ at its Irish business.
It said that its revenue growth for the three-month period included 7% volume growth, 9% pricing growth and enhanced product mix and 1% related to acquisitions.
“Glanbia delivered a good performance in the first three months of 2014. Global Performance Nutrition performed particularly well reflecting very strong revenue growth in both the USA and internationally, supported by the ongoing investment in the business. The results across the rest of the Group were as expected,” the statement said.
Revenue growth in its US cheese division was good, it said, positive as the impact of higher market pricing more than offset a decline in volumes.
However, closer to home, its Irish performance experienced challenging time. “Performance in global ingredients in the period was behind the prior year as lower milk throughput in Idaho reduced output of cheese and base whey; dairy Ireland continued to be challenged while joint ventures & associates’ performance was ahead year-on-year. Overall the outlook for the remainder of the year is positive and we maintain our guidance of 8 per cent to 10 per cent growth in adjusted earnings per share on a constant currency basis,” Glanbia Managing Director Siobhan Talbot said.